Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 88 / Thursday, May 8, 2025 / Notices

transactions, all Exchange market
participants stand to benefit from the
improved market quality and increased
opportunities for price improvement.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily favor
competing venues. In such an
environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 17 of the Act and
subparagraph (f)(2) of Rule 19b–4 18
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 19 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:

NYSEAMER–2025–27 on the subject
line.

SECURITIES AND EXCHANGE
COMMISSION

Paper Comments

[OMB Control No. 3235–0597]

• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.

Proposed Collection; Comment
Request; Extension: Rule 31 and Form
R31

All submissions should refer to file
number SR–NYSEAMER–2025–27. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NYSEAMER–2025–27 and should
be submitted on or before May 29, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–07992 Filed 5–7–25; 8:45 am]

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BILLING CODE 8011–01–P

Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
17 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
19 15 U.S.C. 78s(b)(2)(B).
18 17

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Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the proposed collection of
information provided for in Rule 31 (17
CFR 240.31) and Form R31 (17 CFR
249.11), under the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) (15 U.S.C.
78a et seq.).
Section 31 of the Exchange Act
requires the Commission to collect fees
and assessments from national
securities exchanges and national
securities associations (collectively,
‘‘self-regulatory organizations’’ or
‘‘SROs’’) based on the volume of their
securities transactions. To collect the
proper amounts, the Commission
adopted Rule 31 and Form R31 under
the Exchange Act whereby each SRO
must report to the Commission the
volume of its securities transactions and
the Commission, based on those data,
calculates the amount of fees and
assessments that each SRO owes
pursuant to Section 31. Rule 31 and
Form R31 require each SRO to provide
these data on a monthly basis.
Currently, there are 31 respondents
under Rule 31 that are subject to the
collection of information requirements
of Rule 31: 28 national securities
exchanges, 1 national securities
association, and 2 registered clearing
agencies that are required to provide
certain data in their possession needed
by the SROs to complete Form R31,
although these 2 clearing agencies are
not themselves required to complete
and submit Form R31. The Commission
estimates that the total burden for all 31
respondents is 480 hours per year. The
Commission estimates that, based on
previous and current experience, 3
additional national securities exchanges
will become registered and subject to
the reporting requirements of Rule 31
over the course of the authorization
period and collectively incur a burden
of 18 hours per year. Thus, the
Commission estimates the collective
burden for all respondents (existing and
new added together) to be 498 hours per

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Federal Register / Vol. 90, No. 88 / Thursday, May 8, 2025 / Notices
year. The Commission does not believe
that the 31 existing or 3 expected new
respondents will have to incur any
capital or start-up costs, or any
additional operational or maintenance
costs (other than as already discussed in
this paragraph), to comply with the
collection of information requirements
imposed by Rule 31 and Form R31.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information will have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden imposed by the
proposed collection of information,
including the validity of the
methodology and the assumptions used;
(c) ways to enhance the quality, utility,
and clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated, electronic collection
techniques or other forms of information
technology.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 and
send it by email to
[email protected] within
60 days of publication of this notice, by
July 7, 2025.
Dated: May 2, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–07972 Filed 5–7–25; 8:45 am]
BILLING CODE 8011–01–P

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Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Update Its
Fee Schedule To Provide a Discount
on Fees Assessed to Qualifying
Academic Purchasers for Purchases of
Ad Hoc Historical U.S. Equity Short
Volume and Trades Reports

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The Exchange proposes to update its
Fee Schedule to provide a discount on
fees assessed to qualifying academic
purchasers for purchases ad hoc
historical U.S. Equity Short Volume and
Trades Reports. The text of the proposed
rule change is provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (http://markets.cboe.com/us/
options/regulation/rule_filings/edgx/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.

1. Purpose

[Release No. 34–102970; File No. SR–
CboeEDGX–2025–032]

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the

I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change

A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change

SECURITIES AND EXCHANGE
COMMISSION

May 2, 2025.

‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 23,
2025, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.

The Exchange proposes to update its
Fee Schedule to provide a discount on
fees assessed to qualifying academic
purchasers for purchases ad hoc
historical U.S. Equity Short Volume and
Trades Reports (‘‘Short Volume
Reports’’).
By way of background, the Short
Volume Report is an end-of-day report
that summarizes certain equity trading
activity on the Exchange, including
1 15
2 17

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19587

trade date,3 total volume,4 short
volume,5 and sell short exempt
volume,6 by symbol.7 The Short Volume
Report also includes an end-of-month
report that provides a record of all short
sale transactions for the month,
including trade date and time (in
microseconds),8 trade size,9 trade
price,10 and type of short sale
execution,11 by symbol and exchange.12
The Short Volume Report is a
completely voluntary product, in that
the Exchange is not required by any rule
or regulation to make this data available
and that potential customers may
purchase it on an ad-hoc basis only if
they voluntarily choose to do so.
Cboe LiveVol, LLC (‘‘LiveVol’’), a
wholly owned subsidiary of the
Exchange’s parent company, Cboe
Global Markets, Inc., makes the Short
Volume Report available for purchase to
Users on the LiveVol DataShop website
(datashop.cboe.com). Both the end-ofday report and end-of-month report are
included in the cost of the Short
Volume Report and are available for
purchase by both Members as well as
non-Members on an annual or
monthly 13 basis. The monthly fee is
$750 per Internal Distributor 14 and
3 ‘‘Trade date’’ is the date of trading activity in
yyyy-mm-dd format.
4 ‘‘Total volume’’ is the total number of shares
transacted.
5 ‘‘Short volume’’ is the total number of shares
sold short.
6 ‘‘Short exempt volume’’ is the total number of
shares sold short classified as exempt.
7 ‘‘Symbol’’ refers to the Cboe formatted symbol
in which the trading activity occurred. See https://
cdn.cboe.com/resources/membership/US_
Symbology_Reference.pdf.
8 ‘‘Trade date and time’’ is the date and time of
trading activity in yyyy-mm-dd hh:mm:ss.000000
ET format.
9 ‘‘Trade size’’ is the number of shares transacted.
10 ‘‘Trade price’’ is the price at which shares were
transacted.
11 ‘‘Short type’’ is a data field that will indicate
whether the transaction was a short sale or short
sale exempt transaction. A short sale transaction is
a transaction in which a seller sells a security
which the seller does not own, or the seller has
borrowed for its own account (see 17 CFR 242.200).
A short sale exempt transaction is a short sale
transaction that is exempt from the short sale price
test restrictions of Regulation SHO Rule 201 (see 17
CFR 242.201(c)).
12 ‘‘Exchange’’ is the market identifier (Z = BZX,
Y = BYX, X = EDGX, A = EDGA).
13 The monthly fees for the Report are assessed on
a rolling period based on the original subscription
date. For example, if a User subscribes to the Report
on October 24, 2023, the monthly fee will cover the
period of October 24, 2023, through November 23,
2023. If the User cancels its subscription prior to
November 23, 2023, and no refund is issued, the
User will continue to receive both the end-of-day
and end-of-month components of the Report for the
subscription period.
14 An Internal Distributor of an Exchange Market
Data product is a Distributor that receives the
Exchange Market Data product and then distributes

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